Life Insurance

Life insurance ensures that loved ones are taken care of financially after the death of the policy holder. The insured's family can use it to pay for funeral expenses, household debts, basic living expenses, college tuition, medical bills, or any other need that may arise. There are three types of life insurance: term life, whole life, and universal life. 

Whole Life Insurance

Whole life or permanent life offers coverage that can last a lifetime, paying a death benefit no matter what age the insured is when he or she passes away. Whole life products offer coverage for life at a level premium with some developing cash values. 

A whole life insurance policy should be considered if the policyholder seeks to:

  • Have the security of lifelong protection
  • Have cash value that can be used while still living
  • Provide an income, pay off debts, ensure a child's college tuition, or protect her or his family business

Final Expense

There are many expenses associated with death that can have a substantial financial impact on the loved ones of the deceased. Final expense, a type of whole life, can help protect loved ones from the burden of having to pay these expenses from out-of-pocket.

Final expense insurance offers the following: settlers, MOH, united home life

  • Simplified issue
  • No medical exams
  • A small face amount that builds cash value

Term Life Insurance

Term life is the simplest form of life insurance. Term life products offer coverage for a limited time period, at a lower premium, with no cash value at the end of the policy's term. Premiums are typically fixed and proceeds are paid directly to beneficiaries. 

A term life policy should be considered if the policyholder seeks to: 

  • Receive valuable yet affordable coverage
  • Have protection during important life events such as marriage, birth or adoption of children, or starting a business 
  • Supplement another policy 

Universal Life Insurance

Universal life provides additional flexibility beyond term life and whole life products. A type of flexible permanent life, universal offers the affordable protection of term insurance on top of the advantage of providing a cash buildup that comes along with whole life policies.

Universal life offers adjustable premium payments that can be shifted over time based on the needs of the policyholder. Upon the death of the policyholder, the death benefit is left to her or his beneficiaries. 

A universal life policies should be considered if the policyholder seeks to:

  • Have adjustable payments
  • Pay premiums over the minimum amount due to accumulate cash value, which can then be used to pay premiums
  • Secure a policy with cash value that grows tax-deferred (until funds are withdrawn)

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